Yes, Austrian Economics Works in the Classroom

I teach our MBA economics class, and for many years, I have followed an Austrian curriculum that emphasizes entrepreneurship. (Let us say that I make lots of use of the material Peter Klein has produced, as I believe he has made excellent contributions to economic literature.)

I find that Austrian Economics especially is appropriate in an MBA setting in which we actually are expected to teach students how economic theory actually applies in the real world.

One of my students said this in an email:

“The first time I can truly say that a class changed my total perspective. My learning of Austrian Economics will not stop here for sure.”

My classes do not have an ideological component. Instead, I explain the various theories of the firm and point out how the Austrian paradigm better explains the workings of the firm than what is taught in standard textbooks.

The student response over the past several years has been overwhelmingly positive.